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ARTICLE · 02 AUGUST 2024

Financial Sector Outlook H1 – August 2024

Stren and Blan Partners
Stren and Blan Partners
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Stren and Blan Partners

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Despite numerous global and domestic challenges, Nigeria's financial sector has demonstrated remarkable resilience throughout the first half of 2024.

NigeriaFinance and Banking
Noble Obasi
Noble Obasi
Omobolaji Bello
Omobolaji Bello
Ibitola Akanbi
Ibitola Akanbi
Ebube Okorji
Ebube Okorji
Justina Okachi
Justina Okachi

Introduction

Despite numerous global and domestic challenges, Nigeria's financial sector has demonstrated remarkable resilience throughout the first half of 2024. The country's economic landscape has been significantly shaped by fluctuating global trends and domestic events, which have collectively influenced financial policies and market trends. In the first half of 2024, Nigeria grappled with severe economic turbulence, characterised by insecurity, rapid depreciation of the Naira, high cost of living and soaring inflation rates.

These issues were exacerbated by the persistent gap between the supply and demand of foreign currency, frequent increase in the price of petroleum products due to removal of fuel subsidy and reduced agricultural output.

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